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Rating Action:

Moody's downgrades ING's Polish and Russian subsidiaries

18 Jun 2012

Actions follow rating action on the parent bank

London, 18 June 2012 -- Moody's Investors Service has today downgraded the long-term deposit ratings of ING Bank Slaski (Poland) to Baa1, and has assigned a negative outlook, from A2 and downgraded the long-term deposit ratings and debt rating of ING Bank Eurasia (Russia) to Baa2, with a negative outlook, from Baa1. A list of affected ratings can be found at the end of this press release.

The downgrade of these two subsidiaries was prompted by Moody's downgrade on 15 June 2012 of ING BANK N.V.'s standalone bank financial strength rating (BFSR) to C-/baa1, with negative outlook, from C+/a2, which indicates a reduced capacity of the parent bank to provide timely capital and funding support to the subsidiaries, in case of need. For further details on ING Bank N.V.'s rating action see press release "Moody's downgrades Dutch banking groups; most outlooks now stable", published on 15 June 2012.

The standalone BFSR of ING Bank Slaski at D+/baa3 and ING Bank Eurasia at D/ba2 were not affected and the outlook remains stable on these ratings.

Today's rating actions on these subsidiaries conclude the reviews initiated on 21 February 2012, when the ratings were placed on review for downgrade, following a similar rating action on ING Bank N.V.

A full list of affected ratings is provided at the end of the press release. For additional information on bank ratings, please refer to the webpage containing Moody's related announcements: http://www.moodys.com/bankratings2012.

RATINGS RATIONALE --- ING Bank Slaski (Poland)

The two-notch downgrade on 15 June 2012 of ING Bank N.V.'s standalone BFSR to C-/baa1 from C+/a2, with a negative outlook, has a direct impact on the long-term ratings of ING's Polish subsidiary. As Moody's incorporates a very high probability of parental support into the Polish subsidiary's ratings, the parental downgrade resulted in a corresponding two-notch downgrade for ING Bank Slaski's supported long-term rating to Baa1, with a negative outlook.

Moody's maintains a very high probability of parental support assumptions for ING Bank Slaski, which reflects (i) the strategic 75% ownership by the parent; (ii) the close brand association; and (iii) Moody's view that the Polish market remains strategic for the Dutch group and provides an opportunity for diversification.

In addition to parental support from ING Bank N.V., the long-term ratings of the Polish subsidiary also incorporate a high probability of systemic support, reflecting ING Bank Slaski's importance as the fourth-largest bank in Poland with sustained market shares and a sizeable customer deposit base.

Overall, the combination of parental and systemic support assumptions result in two notches of rating uplift from the baa3 standalone credit assessment to ING Bank Slaski's long-term rating of Baa1.

The negative outlook on ING Bank Slaski's long-term rating is in line with the outlook on the parent's standalone rating.

WHAT COULD DRIVE THE RATINGS DOWN/UP

ING Bank Slaski's standalone ratings would likely come under further downward pressure if its recurring earnings and interest margins were to deteriorate significantly. Moody's would also view negatively notable weakening in the quality of its funding franchise. Furthermore, downgrades of the parent's standalone rating would also exert downward pressure on the bank's long-term rating.

An upgrade of the bank's long-term rating is unlikely in the near future, given the negative outlook. However, upward pressure on ING Bank Slaski's standalone ratings could develop following a strengthening of its franchise -- especially in the retail segment -- as well as significant improvement in recurring revenues and efficiency.

RATINGS RATIONALE --- ING Bank Eurasia (Russia)

The two-notch downgrade of ING Bank N.V.'s standalone BFSR to C-/baa1 from C+/a2, with a negative outlook, has a direct impact on ING Bank Eurasia's long-term ratings. As Moody's incorporates a very high probability of parental support in the Russian subsidiary's ratings, the lowering of ING Bank N.V.'s BFSR resulted in a one-notch downgrade for ING Bank Eurasia's supported long-term rating to Baa2, with a negative outlook.

Moody's maintains a very high probability of parental support for ING Bank Eurasia, reflecting the parent's 100% ownership and Moody's view that the Russian market remains strategic for the Dutch group. Moody's also takes into account the high degree of integration of ING Bank Eurasia with ING Bank N.V.'s commercial banking business and the fact that a significant part of the revenues originating in Russia are booked at the parent company level. The negative outlook on ING Bank Eurasia's supported ratings is in line with the outlook on the parent's standalone rating.

WHAT COULD DRIVE THE RATINGS DOWN/UP

Downward pressure on ING Bank Eurasia's standalone ratings could develop following deterioration in its asset quality, capitalisation and liquidity position. Other negative rating drivers would include an increase in credit-risk concentration, a substantial decrease in market share and weakening of profitability metrics. Furthermore, downgrades of the parent's standalone rating would exert downward pressure on the bank's long-term rating.

Moody's says that the negative outlook on ING Bank Eurasia's supported long-term ratings captures the limited up-side potential for these ratings. ING Bank Eurasia's modest franchise, narrow client base, limited territorial coverage and the volatile nature of its earnings constrain the upside potential of the BFSR. Upward pressure on the bank's standalone rating could be supported by growth in its franchise and higher market shares in core business segments.

LIST OF AFFECTED RATINGS

ING Bank Slaski

- Long-term local and foreign-currency deposit ratings downgraded to Baa1 from A2, negative outlook

- Short-term local and foreign-currency rating downgraded to Prime-2 from Prime-1

ING Bank Eurasia

- Long-term local and foreign-currency deposit ratings downgraded to Baa2 from Baa1, negative outlook

- Short-term local and foreign-currency ratings of Prime-2 confirmed

- Long-term local-currency debt rating downgraded to Baa2 from Baa1, negative outlook

The methodologies used in these ratings were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The ratings of ING Bank Slaski were initiated by Moody's and were not requested by these rated entities.

ING Bank Slaski or its agent(s) participated in the rating process. This rated entity or its agent(s)provided Moody's access to the books, records and other relevant internal documents of the rated entity.

The ratings have been disclosed to the rated entities or their designated agents and issued with no amendment resulting from that disclosure.

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Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Irakli Pipia
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Yves?J?Lemay
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades ING's Polish and Russian subsidiaries
No Related Data.
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